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Give Your Family a Voice Not a Vote Regarding Your Estate Plan
Unless you are one of those rare, fortunate individuals who inherited a great deal of wealth or hit the Powerball jackpot, you have most likely worked very to accumulate the property and assets that comprise your estate. You have put in the hours, made intelligent financial decisions, and were generally careful when making purchases both large and small. When it comes time to decide what will happen to your estate after your death, it is your right to make such decisions as you see fit.
It is important to understand, however, that while you have the right to make estate planning decisions completely on your own, doing so could lead to problems down the road. For this reason, estate planning experts and legal professionals recommend discussing your intentions with family members and loved ones before finalizing your estate plan.
Preventing Misunderstandings
A recent study conducted by Fidelity Investments found that parents and their adult children often feel disconnected regarding the parents’ estates and plans for the future. For example, children underestimate the value of their parent’s property and assets by nearly $280,000 on average. The survey also found that nine out of ten parents assume that one of their children will take on the role of executor of the estate, but more than one in four appointed children were not aware of their parent’s expectations.
Keeping Divorce Stress Under Control
Anybody who says that his or her divorce was easy either is misremembering the situation or is not telling the whole truth. Virtually every divorce will have its share of challenges as the process represents not on the end of a relationship between two people but also the dissolution of the marital contract. Along the way, most people who go through a divorce experience a number of challenges and difficulties often accompanied by a great deal of stress and anxiety. Fortunately, there are some things you can do to limit the negative feelings and to focus on a happier, healthier future.
Commit to Cooperate
As you and your spouse approach your impending divorce, you have two basic options. You could choose to dig in and fight over every element—including the division of property, parenting plans, and alimony—or you could try to work things out amicably. It is important to realize, however, that negotiated, amicable divorce does not just happen. Instead, it requires a commitment from both spouses and concerted effort throughout the process.
Estate Planning Can Promote Family Unity
If you were to ask your family members—including your spouse, children, grandchildren, or anyone else you wish to include—how your property should be distributed when you die, you would probably get a wide variety of responses. Some are likely to suggest that you divide your estate equally, though there are likely to be many versions of what “equal” means. Other family members may simply remind you that you have the right to make the decisions as you see fit.
Human emotion, however, is often unpredictable. Thus, the same people who tell you to do what you think is best may very well be the same ones who get upset when they find out that their inheritance is less than they expected to be. While you cannot control how your family will behave after your death, you can take steps to prepare them for that reality well in advance.
Decide What Is Important
You absolutely do have the right to do whatever you wish with your estate. It is also important, however, to think about how your choices could affect your loved ones and family members down the road. You may not really care very much if family members are hurt or feel slighted by your choices; after all, you will not be around to witness it. That is also your right.
Hidden Assets and Forensic Accounting
The practice of forensic accounting is based on the idea that careful analysis and investigation can reveal potential problems or concerns regarding the financial situation of the individual, business, or entity in question. Forensic accountants, for example, are employed by law enforcement agencies—including the FBI—to investigate white-collar crime. They may also play a role in divorce cases—especially when the couple’s finances are complex and hidden assets could present a problem.
The Problem of Hidden Assets
Illinois law requires the marital estate of a divorcing couple to be divided between spouses in a manner that is fair and equitable. The first step in dividing marital property is determining what assets the couple owns. If both spouses are not completely open and honest regarding their finances, determining the actual extent of the marital estate will be impossible. Too often, spouse will try to hide sources of revenue or even tangible assets during a divorce hoping to keep them from his or her soon-to-be ex-partner. Hidden assets may be a particular danger if one spouse maintains full control over the couple’s finances or if a spouse owns a business that could be used to cover deceptive behavior.
Divorce Tips for a Stay-at-Home Parent
If you are a stay-at-home parent facing divorce, you are not alone. Among the thousands of divorces which occur annually, a significant portion involves a parent that stays home, working to keep the house and family in order rather than working for someone else. Divorce has the possibility of being harder for these spouses than their counterpart, which does not need to be the case. The experience can be beneficial and positive with proper planning and preparedness.
Locate and Maintain Proper Records
You and your spouse’s separate lives have become fused into one shared life together through marriage, no matter how lengthy or brief. The process of divorce seeks to split the two into two equitable parts again. Everything from the house itself to the items within the home, to the finances and retirement plans, will need to be divided. Make these records available to make the process easier:
- Income;
Selecting Your Beneficiaries
For most people, the primary goal of estate planning is make sure that their wishes are carried out regarding their assets and property upon their death. Wills, trusts, and other instruments can help you do so, but the real challenge, in many cases, is figuring out exactly what you want for the future of your estate. An estate planning attorney cannot make such decisions for you, but we can give you some things to think about in making your choices.
Include a Variety of Heirs
Too often, people make the mistake of naming their spouse as the sole beneficiary of their estate. What if he or she outlives you? What will happen your estate plan then? You may also be tempted to leave everything you own to one of your children. As you develop your will, you must remember that you are looking toward the future, and the future is always full of uncertainty. If you choose a single beneficiary and something happens to him or her, the disposition of your estate could depend on that person’s estate planning decisions instead of your own.
Postnuptial Agreements for Stay-at-Home Parents
Today, many households are dual-income households in which both spouses work. For the well-being of the couple’s children, however, it can sometimes be beneficial for one spouse to embrace the role of a stay-at-home parent. In these cases, having a postnuptial agreement can help clarify each spouse’s responsibilities in case of a future divorce. Before one spouse agrees to take taking extend time away from his or her career, all the potential repercussions should be discussed.
Children Can Change a Couple’s Career Dynamics
Introducing children into a marriage means change, and some families decide that it would be better for one parent to be at home with the children. Despite advances in equality and changing social views on gender roles, it is still usually the wife who elects to put her career on hold and become the stay-at-home parent. In some families, it is more economically advantageous for the male partner to stay home, and this certainly does play out in many households. Either way, couples with children should consider making arrangements for their children and their finances in the event of a divorce.
How Personality Changes Over Time
Why did you marry your spouse? Most people answer this question by explaining all the desirable characteristics that the individual had that made them a good potential partner. They tend to note that their spouse was kind, thoughtful, generous, or funny. In essence, their spouse had a personality which complimented their own. We often think of character traits or personality to be intrinsically woven into a person’s DNA. A person may learn and grow but his or her personality never really changes. If this is the case, then why do so many marriages end in divorce?
Researcher and psychologist Walter Mischel says that everything we thought we knew about the immutability of someone’s personality may be wrong. These revelations about the instability of personality could help explain how two people who started out in love can find themselves so distant from one another after a relatively short period of time.
Mischel's Cognitive-Affective Model
Debunking Estate Planning Myths, Continued
Last week, we started a discussion about common myths that many people believe about the process of estate planning. In that post, we talked about how it is never too early to begin estate planning and why probate is not always a terrible thing. Unfortunately, there are a number of other misconceptions that can cause unsuspecting individuals to make preventable mistakes as they draft their estate plans. Let’s look at a few more:
Myth: If I Die Without a Will, the State Will Take Everything
While there is no question that estate planning is important, it is not uncommon for some people to develop a plan only out of fear. Such individuals often believe that if they do not draft a will or create an estate plan, their property will be seized by the government and not distributed to their family members.
Reality: Illinois law requires the state to distribute intestate property to your spouse, children, and other family members through the probate process. Intestate property is any property that is not accounted for in a will or another estate planning instrument—not including investment or retirement accounts that already include beneficiary provisions. The issue with relying on intestacy laws, however, is that you relinquish control of your property. You also lose the ability to consider charities or loved ones who are not legally related to you. In short, the state does not get to keep your property if you die without a will, but an estate plan allows you full control over your assets, even after your death.
Debunking Estate Planning Myths
For many people, estate planning is a vague, nebulous process that involves a person accepting his or her own mortality. Even among those who understand the importance of planning ahead, there are a number of myths regarding estate planning that continue to abound. A comprehensive estate plan is crucial to protecting your assets and your family’s financial future, and the process can be complicated if you believe things that simply are not true. Over the next several posts on this blog, we will address some of the most common estate planning myths, beginning with:
Myth: Estate Planning Is for Older People
Young adults, in many cases, are still shaking off their adolescent concept of invincibility, but it can take a while for that to actually happen. By the time they reach their 30s and 40s, they may understand that bad things can occur but still see estate planning as not quite necessary yet.
Reality: It is never too early to begin estate planning. The moment you begin amassing property of your own or become a parent, you need to start thinking about the future. Tragedy can strike at any time, leaving questions regarding the status of your possessions and, possibly, the guardianship of your children. Also, keep in mind that your concept of “older people” is going to change continually throughout your life. Consider the world-famous musician Prince, who died last year at the age of 58—without an estate plan in place. Could it be possible that he was waiting until he was older to develop a plan that covered his $200 million estate?
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